Can partners and S corporation shareholders deduct state and local taxes paid by the entity?

Apr 7, 2025 ... Key takeaways · You can claim the SALT deduction only if you itemize. · The SALT deduction lets you deduct a variety of state and local taxes, ... Sep 9, 2024 ... In 2017, the average SALT deduction taken in New Jersey was $19,000, nearly double the current cap, and $24,000 in Bergen County. The deduction ... Sep 18, 2024 ... “To NJ07, SALT means getting our full state and local tax deduction back. But to @suealtman and her radical allies, SALT stands for 'Sue Altman ... Beginning in 2018, the itemized deduction for state and local taxes paid will be capped at $10,000 per return for single filers, head of household filers, and ... Jul 27, 2021 ... ... (NY-02) led a letter to Congressional leadership calling for the immediate repeal of the State and Local Tax (SALT) deduction cap. Feb 7, 2025 ... What is the SALT Deduction Cap? The Tax Cuts and Jobs Act (TJCA) of 2017 established a cap on the SALT tax deduction of $10,000 per tax return ... Oct 28, 2017 ... According to the Tax Foundation, nearly 90 percent of the value of the deduction goes to families making more than $100,000. Lawmakers, along ... Jan 12, 2024 ... The deduction of state and local tax payments from federal income taxes has been a subject of debate among economists and policymakers over ... Jan 8, 2025 ... The legislation will increase the SALT deduction cap to $100,000 for single filers and $200,000 for married couples filing jointly ... Jan 29, 2021 ... "The SALT deduction is critical for local governments, preventing additional strain on millions of middle-class families and helping cities ...